Warby Parker Inc. (NYSE:WRBY) Stock Has Average Price Target of $30.08 According to Brokerages

Key Points

• Analysts have a “Moderate Buy” consensus on Warby Parker, with seven buy ratings, three holds and one sell; the average 12-month price target is $30.08 versus the stock’s $24.80 opening price.
• Warby Parker’s latest quarterly results fell short of expectations, with EPS of $0.04 versus the $0.10 consensus and revenue of $235.51 million versus $237.98 million, although revenue rose 9.6% year over year.
• Institutional investors own a substantial 93.24% of the company, while CEO Neil Blumenthal sold 9,200 shares under a pre-arranged Rule 10b5-1 trading plan, reducing his direct ownership by 22.82%.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) has been assigned an average rating of "Moderate Buy" from the eleven brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $30.08.

A number of brokerages have issued reports on WRBY. BTIG Research reissued a "buy" rating on shares of Warby Parker in a report on Friday, August 14th. Citigroup reaffirmed a "market outperform" rating on shares of Warby Parker in a report on Thursday, September 17th. Bank of America initiated coverage on Warby Parker in a research report on Monday, June 29th. They set a "buy" rating and a $33.00 price target on the stock. Citizens Jmp cut their price target on Warby Parker from $30.00 to $29.00 and set a "market outperform" rating on the stock in a report on Friday, August 7th. Finally, UBS Group boosted their price objective on Warby Parker from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, August 7th.

Insiders Place Their Bets

In other Warby Parker news, CEO Neil Blumenthal sold 9,200 shares of the firm's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $29.99, for a total value of $275,908.00. Following the sale, the chief executive officer directly owned 31,112 shares in the company, valued at approximately $933,048.88. This trade represents a 22.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.80% of the stock is owned by corporate insiders.

Institutional Trading of Warby Parker

Large investors have recently modified their holdings of the company. Ranger Investment Management L.P. bought a new stake in Warby Parker in the second quarter worth about $30,949,000. Vaughan Nelson Investment Management L.P. boosted its position in shares of Warby Parker by 31.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 3,028,307 shares of the company's stock valued at $63,806,000 after purchasing an additional 722,627 shares in the last quarter. Atreides Management LP bought a new position in shares of Warby Parker during the 4th quarter valued at about $8,565,000. Senator Investment Group LP acquired a new position in shares of Warby Parker in the 4th quarter worth approximately $8,218,000. Finally, Bank of America Corp DE grew its stake in shares of Warby Parker by 30.9% in the 1st quarter. Bank of America Corp DE now owns 1,377,646 shares of the company's stock worth $29,027,000 after purchasing an additional 325,250 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Warby Parker Stock Performance

Shares of NYSE:WRBY opened at $24.80 on Tuesday. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 354.27, a price-to-earnings-growth ratio of 7.24 and a beta of 1.91. Warby Parker has a 1-year low of $14.96 and a 1-year high of $31.00. The company's fifty day moving average is $25.43 and its two-hundred day moving average is $25.14.

Warby Parker (NYSE:WRBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). Warby Parker had a return on equity of 3.36% and a net margin of 0.85%.The business had revenue of $235.51 million during the quarter, compared to the consensus estimate of $237.98 million. During the same quarter in the previous year, the business posted ($0.01) earnings per share. The company's quarterly revenue was up 9.6% compared to the same quarter last year. Sell-side analysts expect that Warby Parker will post 0.14 EPS for the current fiscal year.

Warby Parker Company Profile

Warby Parker Inc is an eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses. The company serves customers through its website, mobile channels and a network of retail stores, offering products under its Warby Parker brand.

Warby Parker provides eye-care services in addition to eyewear, including in-store eye exams and digital tools such as virtual vision testing, where available. Its retail and online experience is designed to combine prescription fulfillment with access to eye-care professionals and personalized eyewear recommendations.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker initially became known for its direct-to-consumer model and home try-on program.

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